2021-01-25

Schuman, Phil; Smith, Kenny; Miles, Emily

Nationally, student loan debt reached $1.6 trillion last year. That works out to somewhere between $200 and $300 for alumni paying off their personal student loans, but the economic downturn has a lot of people in a pinch. The U.S. Department of Education says about 20 percent of borrowers are in default, and a recent Pew study found most were concerned about how they'd make their next payment.
To counter the national problem, the Biden administration extended the student loan grace period until September 2021. We talked with Phil Schuman, who is the executive director of Financial Wellness and Education at Indiana University -- Bloomington, to see what this means for alumni, students and potential borrowers.
For more, visit moneysmarts.iu.edu

The Media School

Interview

Current events; Student loans

Bloomington; Indiana

On Topic with IU Podcast

The Media School

English

Other: MSA.OTIU.00041